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The financial advice process

The first step towards getting the best advice is getting in contact with a financial Adviser.

Your financial Adviser will want to meet to discuss your current situation, and go through your personal and business goals and aspirations. This enables them to personalise the recommendations they provide to you, which comes in a document known as a Statement of Advice (SOA).

The SOA might suggest new products you could take up, or perhaps changes to make to existing products. The SOA your financial Adviser provides to you should only to be taken as a recommendation. It’s ultimately your decision whether or not you want to adopt any of the advice they’ve given you.

When you’ve reviewed the recommendations it’s a good idea to ask your Adviser any additional questions that you may have.
- Do you feel that the advice has been carefully tailored using the information you provided?
- Do you understand the advantages and disadvantages outlined in the advice?
- Have alternatives been identified?
- Has the Adviser taken your tolerance for risk into consideration?

If your Adviser has recommended any products they’ll provide you with documentation to help you understand how they work.

The documentation outlines the features and charges associated with the product and should be reviewed in detail. Only agree to take on the product if you fully understand its advantages and disadvantages.